November 25, 2012

The State of Medical Insurance in America

There are a lot of clashing emotions about what to do with the State of medical care in the United States. Those that have diligently paid ever exorbitant amounts in their monthly medical premiums feel that everyone should buck up regardless of their income. Those that have been working for years counting on company sponsored medical insurances to keep their costs and deductibles low, supposedly under the negotiating power of group rate plans group rates plans, are finding that their deductibles are going up, as well as the amount taken out of their paychecks to cover it. There used to be a safety net where the poorest among us could get medical treatment. Now, that net has been drawn in to cover only the cost of children in many states. Throughout the entire spectrum of voices, one thing is similar. Costs are going up, bills are going unpaid, and millions of people are looking for medical debt relief.

In 2014, the country will adopt universal coverage. The law will include a penalty for those that don’t get insurance from one of the options available in a pool of insurance plans called The Health Insurance Exchange. The penalty will be 1% of your income or around 250.00 whichever is greater. In 2014, that will go up to 695.00 or 2.5% of your income. This law is already on the books and it will happen. By reelecting President Obama in November there is nothing that will be able to keep this from coming to pass.

Mitt Romney believes that the right approach is to let states control their own insurance markets and he will offer a voucher to all 50 states to exempt them from the Obama care plan until he can unravel it in congress. He plans to attack the problem from a costs perspective, wanting to increase competition amongst insurers, find other avenues for group plans to be applied to organizations and other groups, and increase the scope of supplemental plans. There is more to his plan that reduces cost to companies and increases guarantees of coverage to low income people.

Neither of these plans offers help with medical bills you’ve already incurred. For that, you have to develop a strategy to manage your payments.

No comments:

Post a Comment